Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015
|
|
- Mercy Houston
- 8 years ago
- Views:
Transcription
1 Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015
2 Today s Agenda What are we talking about today? What is Risk Evolution of risk management Understand the importance of Risk Transfer Key elements of contractual transfer The Interaction of contracts and insurance Newest topic in insurance Cyber Liability Questions & Answers
3 What is risk Risk is present in everything we do ISO 31000, the international standard on risk management, defines it this way: Risk = the effect of uncertainty on your objectives. Risk can be a threat or an opportunity Anything that could harm, prevent, delay or enhance your ability to achieve your objectives = risk 3
4 Why We Need to Manage Risk The purpose of managing risk is to increase the likelihood of an organization achieving its objectives by being in a position to manage threats and adverse situations and being ready to take advantage of opportunities that may arise. National Guidance on Implementing ISO 31000:2009 From NSAI in Ireland 4
5 5 Major Categories for External Global Risks Economic Risks Geopolitical Risks Environmental Risks Technological Risks Societal Risks 5
6 Top 5 Global Risks in Terms of Likelihood, : Insurance can help with most 6
7 Top 5 Global Risks in Terms of Impact, : Insurance can help with most 7
8 12 Industries with Risk Issues in the next 10 years Health Care Health Sciences Energy (Traditional) Alternative Energy Petrochemical Agriculture Natural Resources Technology (incl. Biotechnology) Light Manufacturing Insourced Manufacturing Export-Oriented Industries Shipping (Rail, Marine, Trucking, Pipelines) 8
9 A Few Definitions ISO Risk is the effect of uncertainty on objectives Risk Management, the coordinated activities to direct and control an organization with regard to risk Risk Owner, the person or entity with the accountability and authority to manage risk Stakeholder is any person or organization that can affect, be affected by or perceive themselves to be affected by a decision or activity. They are both internal and external. Stakeholders are important to the process and key to activities like communication, consultation and reporting. Stakeholders interests and fears should be taken into account Risk management process is the systematic application of management policies, procedures and practices to the tasks and activities of communicating, consulting, establishing the context and identifying, analyzing, evaluating, treating, monitoring and reviewing risk. 9
10 Risk Management is Evolving Transactional Approach Purchase insurance to cover risks Hazard-based risk identification and controls Compliance issues addressed separately Safety & emergency mgmt handled separately Silo approach risk mgmt is not integrated across the organization Risk Manager is the insurance buyer Risk is bad focus is on transferring risk A Broader Risk Mgmt Approach Greater use of alternative risk financing techniques More proactive about preventing and reducing risks Integrates claims mgmt, contracts review, special event RM, insurance and risk transfer techniques Cost allocation used for education and accountability More collaboration as depts. are willing Risk Manager may be the risk owner Risk is an expense focus is on reducing cost-of-risk Enterprise Risk Management A wide range of risks are discussed and reviewed, including reputational, human capital, strategic and operational Aligns RM process with strategy and mission May include upside risks (opportunities) Helps manage growth, allocate capital & resources Risks are owned by all & mitigated at the department level Many risk mitigation & analytical tools available Risk Manager is the risk facilitator and leader Risk is uncertainty focus is on optimizing risk to achieve goals 10
11 Why should we take a broader approach to risk? Insurance companies estimate that only 20-30% of all risks are insurable Global interconnectedness forces us to think more broadly for example: Pandemic flu Cyber attacks World economy & supply chain risks Now more than ever, we need all stakeholders to be risk aware 11
12 Principles Framework RM Process Creates value Integral part of organizational processes Part of decision making Explicitly addresses uncertainty Systematic, structured & timely Based on best available info Tailored Takes human & cultural factors into account Transparent & inclusive Dynamic, iterative & responsive to change Facilitates continual improvement & enhancement of the org Continually improve the framework Mandate & Commitment Design framework for managing risk Monitor and review the framework Implement risk management Communicate and consult Establish the context Risk assessment Risk identification Risk analysis Risk evaluation Risk treatment Monitor and review 12
13 Risk Identification - Contracts What are we committing to? What will our responsibilities be? Who will pay if something goes wrong? Where will the money come from? What other post-loss duties exist? Communicate and consult Establish the context Risk assessment Risk identification Risk analysis Risk evaluation Risk treatment Monitor and review 13
14 Risk Analysis - Contracts How important is this contract? Who are the key players? What s our timeframe? What s the loss history for these type of endeavors? How costly could it be? Communicate and consult Establish the context Risk assessment Risk identification Risk analysis Risk evaluation Risk treatment Monitor and review 14
15 Risk Evaluation - Contracts How important is this contract? What options do we have? What can we negotiate? What s the risk management perspective? Communicate and consult Establish the context Risk assessment Risk identification Risk analysis Risk evaluation Risk treatment Monitor and review What do we recommend? 15
16 Risk Treatment Making Choices Avoid it? Establish the context Control the risk? Share responsibility? What can we do to reduce the risk? Should we finance the risk? Communicate and consult Risk assessment Risk identification Risk analysis Risk evaluation Risk treatment Monitor and review Can we transfer the risk? 16
17 Options for Transferring Risk Insurance Bonds Through contractual risk transfer: Contracts + insurance requirements Indemnification agreements Hold harmless agreements Waivers 17
18 Minimum Scope of Insurance Coverages: Premises liability Products and completed operations Blanket contractual liability Personal injury with deletion of employee exclusion Named as additional insured Deletion of limitations re explosion, collapse, underground hazards Independent contractors Broad form property damages Limits: $500,000/occurrence combined single limit for bi/property damage? 18
19 Minimum Scope of Insurance Additional insured on General Liability and Auto Current, valid insurance certificates with 30-days cancellation notice Insurers Best Rating of no less than A:VII Amend policies & certs: Your interest is primary & other ins excess Severability of interest (ins applies to each insured) Failure to comply with reporting provisions will not affect coverage 19
20 Additional Insured Provision Appointed officers, members, employees and volunteers are included as insureds with regard to damages and defense of claims arising from: a) Activities performed by or on behalf of the Named Insured b) Products and completed operations of the Named Insured c) Premises owned, leased or used by the Named Insured d) The ownership, operation, maintenance, use, loading or unloading of any auto 20
21 Insurance Provisions Define Insurance Requirements Coverage types, terms, formats Timeframes for maintaining coverage Limits, per occurrence and aggregate Financial stability of insurer Additional insured status, endorsements and certificates Put Requirements in RFPs / Contracts 21
22 Contractual Risk Transfer Factors to Consider Control of the Risk Knowledge of the Risk Statutory or Common Law Limitations Custom & Practice Bargaining Position Will it pass public policy scrutiny? 22
23 Cyber Liability 23
24 Data Breaches Data Breaches / Millions of Records Exposed Millions # Data Breaches # Records Exposed (Millions) 24
25 Worldwide Cybersecurity Spending F ($ Billions) $85 $ % $80 $75 $70 $65 $60 $55 $ % $60.0 $ % 7.9% $71.1 $ % Cybersecurity spending increased by an estimated $5.2B in 2014, $5.8B in 2015 and $6.3B in % 10% 8% 6% 4% 2% $ F 2015F 2016F Worldwide Cybersecurity Spending % Change from Previous Year 0% 25
26 What Risks can be Transferred Buying insurance Breach response costs/crisis management costs Regulatory investigations, civil fines and penalties (where insurable by law) Litigation from individuals / class actions Litigation from financial institutions and other third parties Media liability libel, slander, intellectual property infringement damages and expenses Cyber Extortion consultant costs, ransom payments Data asset loss & non physical business interruption Loss of business income & extra expense 26
27 Available Coverages Exposure Category Network Security Liability Privacy Liability Regulatory Liability Legal / Notification Expense Description Provides liability coverage if an Insured's Computer System fails to prevent a Security Breach or a Privacy Breach Provides liability coverage if an Insured fails to protect electronic or non-electronic information in their care custody and control Coverage for lawsuits or investigations by Federal, State, or Foreign regulators relating to Privacy Laws 1st Party expenses to comply with Privacy Law notification requirements Crisis Management Credit Monitoring Expense Forensic Investigations Public Relations 1st Party expenses to provide up to 12 months credit monitoring 1st Party expenses to investigate a system intrusion into an Insured Computer System 1st Party expenses to hire a Public Relations firm Data Recovery Business Interruption Cyber Extortion Technology Services/Products & Professional Errors & Omission Liability Media Liability 1st party expenses to recover data damaged on an Insured Computer System as a result of a Failure of Security 1st party expenses for lost income from an interruption to an Insured Computer System as a result of a Failure of Security Payments made to a party threatening to attack an Insured's Computer System in order to avert a cyber attack Technology Products & Services and Miscellaneous E&O can be added to a policy when applicable Covers the Insured for Intellectual Property and Personal Injury perils the result from an error or omission in content (coverage for Patent and Trade Secrets are generally not provided) 27
28 Assessing Cyber Risk What do you need Ponemon Studies: Cost per Record cost per record
29 Assessing Cyber Risk What records do you have? 400 Breach Cost per Record by Industry Cost per Record
30 Assessing Cyber Risk Which line are you? 30 Trends in Breach Cost ($M) by Co. Size Small Medum Large X-Large
31 Thank You Thomas Douglas Area Vice President Arthur J. Gallagher & Co Powerscourt Dr. Suite 500 St. Louis, MO
Understanding the Business Risk
AAPA Cybersecurity Seminar Andaz Savannah Hotel March 11, 2015 10:30 am Noon Understanding the Business Risk Presenter: Joshua Gold, Esq. (212) 278-1886 jgold@andersonkill.com Disclaimer The views expressed
More informationEnterprise Risk Management: Taking the First Steps
Enterprise Risk Management: Taking the First Steps TN PRIMA, 2012 DOROTHY GJERDRUM, ARM, CIRM NOVEMBER 15, 2012 Agenda Goal: To understand how to begin to implement a broader approach to risk management
More informationUnderstanding Enterprise Risk Management. Presented by Dorothy Gjerdrum Arthur J Gallagher
Understanding Enterprise Risk Management Presented by Dorothy Gjerdrum Arthur J Gallagher Learning Objectives Understand the components of a wellrun ERM program Review scope and process Explore the role
More informationGALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability
GALLAGHER CYBER LIABILITY PRACTICE Tailored Solutions for Cyber Liability and Professional Liability Are you exposed to cyber risk? Like nearly every other business, you have probably capitalized on the
More informationInsurance for Data Breaches in the Hospitality Industry
The Academy of Hospitality Industry Attorneys The Pl Palmer House Hilton Chicago, IL April 25, 2014 Insurance for Data Breaches in the Hospitality Industry Presenters: David P. Bender, Jr. dbender@andersonkill.com
More informationReducing Risk. Raising Expectations. CyberRisk and Professional Liability
Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Are you exposed to CyberRisk? Like nearly every other business, you have likely capitalized on the advancements in technology today
More informationRISK MANAGEMENT. Administrative Services and Risk Management
RISK MANAGEMENT Administrative Services and Risk Management AGENDA Risk Management s Mission Moving Forward Return to Work Contracts and Agreements Risk Assessments MISSION To protect the people, property,
More information-1- -2- -3- -4- -5- INSURANCE REQUIREMENTS FOR DEVELOPER EXTENSION AGREEMENTS 1.1 The developer shall obtain and keep in force during the term of the contract, Commercial General Liability insurance policies
More informationManaging Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal
Managing Cyber Threats Risk Management & Insurance Solutions Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Overview Recent Trends and Loss Exposures Risk Management Strategies
More informationSINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry
SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry DATA BREACH A FICTIONAL CASE STUDY THE FIRST SIGNS OF TROUBLE Friday, 5.20 pm :
More informationJoe A. Ramirez Catherine Crane
RIMS/RMAFP PRESENTATION Joe A. Ramirez Catherine Crane RISK TRANSFER VIA INSURANCE Most Common Method Involves Assessment of Risk and Loss Potential Risk of Loss Transferred For a Premium Insurance Contract
More informationPolicy Considerations for Covering Special Exposures. Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium
Policy Considerations for Covering Special Exposures Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium Special exposures Coverage that targets a loss with
More informationCoverage is subject to a Deductible
Frank Cowan Company Limited 75 Main Street North, Princeton, ON N0J 1V0 Phone: 519-458-4331 Fax: 519-458-4366 Toll Free: 1-800-265-4000 www.frankcowan.com CYBER RISK INSURANCE DETAILED APPLICATION Notes:
More informationAPIP - Cyber Liability Insurance Coverages, Limits, and FAQ
APIP - Cyber Liability Insurance Coverages, Limits, and FAQ The state of Washington purchases property insurance from Alliant Insurance Services through the Alliant Property Insurance Program (APIP). APIP
More informationCyber Exposure for Credit Unions
Cyber Exposure for Credit Unions What it is and how to protect yourself L O C K T O N 2 0 1 2 www.lockton.com Add Cyber Title Exposure Here Overview #1 financial risk for Credit Unions Average cost of
More informationMitigating and managing cyber risk: ten issues to consider
Mitigating and managing cyber risk: ten issues to consider The board of directors is responsible for managing and mitigating risk exposure. A recent study conducted by the Ponemon Institute 1 revealed
More informationRogers Insurance Client Presentation
Rogers Insurance Client Presentation Network Security and Privacy Breach Insurance Presented by Matthew Davies Director Professional, Media & Cyber Liability Chubb Insurance Company of Canada mdavies@chubb.com
More informationPOLICY. Number: 7311-10-005 Title: Enterprise Risk Management. Authorization
POLICY Number: 7311-10-005 Title: Enterprise Risk Management Authorization [ ] President and CEO [ X] Vice President, Finance and Corporate Services Source: Director, Enterprise Risk Management Cross Index:
More informationBe Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance
Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance Today s agenda Introductions Cyber exposure overview Cyber insurance market and coverages Captive cyber insurance
More informationRisk Management Policy and Framework
Risk Management Policy and Framework December 2014 phone 1300 360 605 08 89589500 email info@centraldesert.nt.gov.au location 1Bagot Street Alice Springs NT 0870 post PO Box 2257 Alice Springs NT 0871
More informationTools Conference Toronto November 26, 2014 Insurance for NFP s. Presented by Paul Spark HUB International HKMB Limited
Tools Conference Toronto November 26, 2014 Insurance for NFP s Presented by Paul Spark HUB International HKMB Limited Topics Insurance Policies Basics Directors and Officers Liability Insurance Commercial
More informationISO? ISO? ISO? LTD ISO?
Property NetProtect 360 SM and NetProtect Essential SM Which one is right for your client? Do your clients Use e-mail? Rely on networks, computers and electronic data to conduct business? Browse the Internet
More informationINSURANCE REQUIREMENTS FOR MASTER AGREEMENT CONTRACTORS
INSURANCE REQUIREMENTS FOR MASTER AGREEMENT CONTRACTORS Without limiting CONTRACTOR's indemnification of COUNTY, and in the performance of this Contract and until all of its obligations pursuant to this
More informationCYBER RISK MANAGEMENT IN THE BOATING INDUSTRY
CYBER RISK MANAGEMENT IN THE BOATING INDUSTRY Carmelo Torraca, Esq. New Jersey Marine Trades Association March 2015 E-commerce has permanently transformed the way business-to-business and business-to-customer
More informationINSURANCE GUIDE I - MINOR CONTRACTS FOR SERVICE
INSURANCE GUIDE I - MINOR CONTRACTS FOR MEETING GUIDE I SPECIFICATIONS DURATION: Project will not exceed 30 calendar days COST: Project cost will not exceed $50,000 RISK: Low, No unusual or high hazards
More informationCyber/ Network Security. FINEX Global
Cyber/ Network Security FINEX Global ABOUT US >> We are one of the largest insurance brokers in the world >> We have over 180 years of history and experience in insurance; we currently operate in over
More informationCovenants to Insure in Commercial Agreements. In House Training Seminar Presented by Satinder K. Sidhu March 8, 2013
Covenants to Insure in Commercial Agreements A Review of the CGL Policy In House Training Seminar Presented by Satinder K. Sidhu March 8, 2013 Introduction & Overview Examples of Covenants to Insure in
More informationCYBER RISK SECURITY, NETWORK & PRIVACY
CYBER RISK SECURITY, NETWORK & PRIVACY CYBER SECURITY, NETWORK & PRIVACY In the ever-evolving technological landscape in which we live, our lives are dominated by technology. The development and widespread
More informationInternet Stolen: The Fastest Growing White Collar Crime
Cyber Liability What you need to know! PRESENTED BY: GALLAGHER / CYBERRISK SERVICES MAY 2014 Most Common Reactions to Cyber Liability Questions: We don t need cyber liability coverage; we have tort immunity
More informationATTACHMENT A.6 INSURANCE REQUIREMENTS ROUTINE CONSTRUCTION, MAINTENANCE AND REPAIR PROJECTS
ATTACHMENT A.6 INSURANCE REQUIREMENTS ROUTINE CONSTRUCTION, MAINTENANCE AND REPAIR PROJECTS Contractor shall obtain insurance of the types and in the amounts listed below. A. COMMERCIAL GENERAL AND UMBRELLA
More informationDATA BREACH COVERAGE
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ THIS CAREFULLY. DATA BREACH COVERAGE SCHEDULE OF COVERAGE LIMITS Coverage Limits of Insurance Data Breach Coverage $50,000 Legal Expense Coverage $5,000
More informationMANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS
MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS RRD Donnelley SEC Hot Topics Institute May 21, 2014 1 MANAGING CYBERSECURITY RISK AND DISCLOSURE OBLIGATIONS Patrick J. Schultheis Partner Wilson
More informationInsurance Bulletin. Risk Transfer Techniques. Risk Transfer. Certificates of Insurance
Insurance Bulletin bulletin #2 Risk Transfer Techniques CNA and the NUCA Safety and Risk Management Committee are proud to provide you with this information. We trust that you will find it useful in understanding
More informationINSURANCE REQUIREMENTS FOR CONSTRUCTION CONTRACTS ABOVE $25,000
Page 1 of 9 DOCUMENT 00850 INDEMNIFICATION AND INSURANCE REQUIREMENTS EXHIBIT B-1 INSURANCE REQUIREMENTS FOR CONSTRUCTION CONTRACTS ABOVE $25,000 Indemnity The Contractor shall indemnify, defend, and hold
More informationCopyright 2013 Cover Agency Ltd.
Are You An Accountant? Do You Have Offices, or Provide Accounting Services Overseas? If so, you need Comprehensive International Travel & International Accountants Insurance, tailored to the needs of Accounting
More informationData Privacy, Security, and Risk Management in the Cloud
Data Privacy, Security, and Risk Management in the Cloud Diana S. Hare, Associate General Counsel and Chief Privacy Counsel, Drexel University David W. Opderbeck, Counsel, Gibbons P.C. Robin Rosenberg,
More informationProtecting Your Credit Union
Protecting Your Credit Union A More Strategic Approach Fall 2011 As a credit union, you are strategic in everything you do. Shouldn t your approach to risk/insurance be the same? Why do you buy directors
More informationItems 1-7 above shall not be subject to any of the following limiting or exclusionary endorsements:
Page 1 of 5 Supplier's Insurance. Before commencing the Work, and as a condition of any payment due under this Subcontract, Supplier shall, at its own expense, procure and maintain insurance on all of
More informationPublic Private Partnerships and National Input to International Cyber Security
Public Private Partnerships and National Input to International Cyber Security 10 September 2009 Tallinn, Estonia Maeve Dion Center for Infrastructure Protection George Mason University School of Law Arlington,
More informationMaryland Association of Boards of Education Insurance Programs
Insurance Programs ENTERPRISE RISK MANAGEMENT John Magoon, ARM (P, E), CBCP, MBCI Risk Management Officer, MABE jmagoon@mabe.org 443 603 0399 A PERFECT DAY Our Goals 1.2 1 0.8 0.6 0.4 0.2 0 Actual Goal
More informationImplementation of the Cybersecurity Executive Order
Implementation of the Cybersecurity Executive Order November 13 th, 2013 Ben Beeson, Partner, Lockton Companies Gerald J. Ferguson, Partner, BakerHostetler Mark Weatherford, Principal, The Chertoff Group
More informationIDC Member Insurance Program brought to you by LMS PROLINK Ltd.
IDC Member Insurance Program brought to you by LMS PROLINK Ltd. Protecting You and Your Clients LMS PROLINK Ltd. Tel 416.644.7717 480 University Avenue, Toll Free 800.663.6828 Suite 800 Toronto ON Fax
More informationThe purpose of this Agreement is to establish the services of Independent Contractor to the University of La Verne on
THIS AGREEMENT is made by and between UNIVERSITY OF LA VERNE ( University ) and. Independent Contractor In consideration of the mutual promises and covenants contained herein, the parties are agreed as
More informationTen Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder
Ten Questions Your Board Should be asking about Cyber Security Eric M. Wright, Shareholder Eric Wright, CPA, CITP Started my career with Schneider Downs in 1983. Responsible for all IT audit and system
More informationINSURANCE REQUIREMENTS FOR ALL CITY CONTRACTS
INSURANCE REQUIREMENTS FOR ALL CITY CONTRACTS 1. GENERAL PROVISIONS A. Indemnification. The Contractor shall indemnify and save harmless the City of Lincoln, Nebraska from and against all losses, claims,
More informationSECTION 3 AWARD AND EXECUTION OF CONTRACT
SECTION 3 AWARD AND EXECUTION OF CONTRACT 3.01 CONSIDERATION OF BIDS: After the Proposals are opened and read, the approximate estimated quantity of each item multiplied by the unit price bid for that
More informationProtecting Your Credit Union
Protecting Your Credit Union A More Strategic Approach 2013 As a credit union, you are strategic in everything you do. Shouldn t your approach to risk/insurance be the same? Why do you buy directors and
More informationRequired Insurance Language for PRF Construction Contracts
Required Insurance Language for PRF Construction Contracts When working with legal counsel to affect a construction contract for new construction or for build-outs the Purdue Risk Management Department
More informationwww.pwc.com The data breach lifecycle: From prevention to response IAPP global privacy summit March 6, 2014 (4:30-5:30) Draft v8 2-25-14
www.pwc.com The data breach lifecycle: From prevention to response IAPP global privacy summit (4:30-5:30) Draft v8 2-25-14 Common Myths 1. You have not been hacked. 2. Cyber security is about keeping the
More informationRIVERPORT INSURANCE COMPANY THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. SPECIMEN GENERAL LIABILITY BROADENING ENDORSEMENT
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. GENERAL LIABILITY BROADENING ENDORSEMENT This endorsement modifies the insurance provided under the following: COMMERCIAL GENERAL LIABILITY
More informationLMCIT Service Contract Insurance Recommendations
LMCIT Service Contract Insurance Recommendations The type and amount of insurance should be determined on a case-by case basis dependent upon various factors such as the scope of work and the potential
More informationRISK MANAGEMENT POLICY
DOCUMENT TYPE: DOCUMENT STATUS: POLICY OWNER POSITION: INTERNAL COMMITTEE ENDORSEMENT: APPROVED BY: Council policy Approved Manager Organisational Development Risk Management Committee Council DATE ADOPTED:
More informationData breach! cyber and privacy risks. Brian Wright Michael Guidry Lloyd Guidry LLC
Data breach! cyber and privacy risks Brian Wright Michael Guidry Lloyd Guidry LLC Collaborative approach Objective: To develop your understanding of a data breach, and risk transfer options to help you
More informationHow To Insure A Project In The Uk
Schedule 15A: Insurance Part 1 Required Insurances Sub-part 1 Design and Construction Phase The policies to be taken out by the Contractor, or caused to be taken out by the Major Sub-contractor, and maintained
More informationNonProfit 101. Notes: Session 1B: Insurance, What you do not know can hurt you! From Survivability to Sustainability. June 10, 2015 Session 1B page 1
Session 1B: Insurance, What you do not know can hurt you! Notes: June 10, 2015 Session 1B page 1 Session 1B: Insurance, What you do not know can hurt you! Notes: June 10, 2015 Session 1B page 2 June 10,
More informationEXHIBIT B-1 INSURANCE REQUIREMENTS FOR CONSTRUCTION CONTRACTS ABOVE $30,000
INSURANCE REQUIREMENTS F CONSTRUCTION CONTRACTS ABOVE $30,000 Indemnity To the fullest extent allowed by law, the Contractor shall indemnify, defend, and hold harmless the County of Santa Clara (hereinafter
More informationCyber and Privacy Risk What Are the Trends? Is Insurance the Answer?
Minnesota Society for Healthcare Risk Management September 22, 2011 Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer? Melissa Krasnow, Partner, Dorsey & Whitney, and Certified Information
More informationCyber Risk: Global Warning? by Cinzia Altomare, Gen Re
Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Global Warning It is a matter of time before there is a major cyber attackon the global financial system and the public needs to invest heavily in
More informationProtecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks
Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Hacks, breaches, stolen data, trade secrets hijacked, privacy violated, ransom demands made; how can you protect your data
More informationSMALL COMMERCIAL INSURANCE
SMALL COMMERCIAL INSURANCE Copyright 2015 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without the permission of The Hartford. Agenda 1. The Basics:
More informationTHE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS
THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS Read the Marsh Risk Management Research Briefing: Cyber Risks Extend Beyond Data and Privacy Exposures To access the report, visit www.marsh.com.
More informationSpecialty Risk Protector
Specialty Professional Liability and Data and Network Security Insurance is a single policy that makes it easy for companies to secure the multi-faceted E&O protection our networked world requires. A simplified,
More informationCybersecurity Risk Transfer
Cybersecurity Risk Transfer Wednesday, October 30, 2013 Part IV in a 4 part series on Cybersecurity Presented by: Arthur J. Gallagher & Co., Huron Legal and Pillsbury Winthrop Shaw Pittman Pillsbury Winthrop
More informationSPECIAL REPORT MANAGING THE RISK OF INDEPENDENT CONTRACTORS WORKING IN YOUR BUILDING
SPECIAL REPORT MANAGING THE RISK OF INDEPENDENT CONTRACTORS WORKING IN YOUR BUILDING (04-04-14) This Special Report was written by Daniel P. Hale, J.D., CPCU, ARM, CRM, LIC, AIC, AIS, API of Marsh & McLennan
More informationCyber-Technology Policy Comparisons
Cyber-Technology Policy Comparisons ABA Insurance Internet/Electronic Banking Liability Insurance Policy (04/01) January, 2011 Endorsements Topic ACE Computer & Technology Products and Services Professional
More informationInsurance for Startups:
Insurance for Startups: What do you need, and when? Disclaimer: The following information is being provided for educational purposes only. The information contained is not exhaustive, and is not meant
More informationEXHIBIT B CITY OF PHILADELPHIA AND PHILADELPHIA HOUSING DEVELOPMENT CORPORATION INSURANCE REQUIREMENTS
EXHIBIT B CITY OF PHILADELPHIA AND PHILADELPHIA HOUSING DEVELOPMENT CORPORATION INSURANCE REQUIREMENTS The Recipient will procure and maintain during the entire period of the contract, the types of insurance
More informationPHILADELPHIA REDEVELOPMENT AUTHORITY INSURANCE REQUIREMENTS
PHILADELPHIA REDEVELOPMENT AUTHORITY INSURANCE REQUIREMENTS The individual or entity seeking to enter into a contract with the Philadelphia Redevelopment Authority or who is entering into a contract with
More informationRISK MANAGEMENT REPORTING GUIDELINES AND MANUAL 2013/14. For North Simcoe Muskoka LHIN Health Service Providers
RISK MANAGEMENT REPORTING GUIDELINES AND MANUAL 2013/14 For North Simcoe Muskoka LHIN Health Service Providers Table of Contents Purpose of this document... 2 Introduction... 3 What is Risk?... 4 What
More informationINDEMNIFICATION AND INSURANCE REQUIREMENTS FOR LOS ANGELES COUNTY SERVICE AGREEMENTS
INDEMNIFICATION AND INSURANCE REQUIREMENTS FOR LOS ANGELES COUNTY SERVICE AGREEMENTS Include Section I and Section II.(A. - F.) in all County service agreements. I. Indemnification: Contractor shall indemnify,
More informationData breach, cyber and privacy risks. Brian Wright Lloyd Wright Consultants Ltd
Data breach, cyber and privacy risks Brian Wright Lloyd Wright Consultants Ltd Contents Data definitions and facts Understanding how a breach occurs How insurance can help to manage potential exposures
More informationLogging In: Auditing Cybersecurity in an Unsecure World
About This Course Logging In: Auditing Cybersecurity in an Unsecure World Course Description $5.4 million that s the average cost of a data breach to a U.S.-based company. It s no surprise, then, that
More informationCERTIFICATE OF INSURANCE TO CITY OF NEWARK CALIFORNIA ( the City ) A Municipal Corporation
CERTIFICATE OF INSURANCE TO CALIFORNIA ( the City ) A Municipal Corporation Page 1 of 2 Only this Certificate of Insurance form will be accepted This certifies to the City of Newark that the following
More informationInternet Gaming: The New Face of Cyber Liability. Presented by John M. Link, CPCU Cottingham & Butler
Internet Gaming: The New Face of Cyber Liability Presented by John M. Link, CPCU Cottingham & Butler 1 Presenter John M. Link, Vice President jlink@cottinghambutler.com 2 What s at Risk? $300 billion in
More informationCyber Insurance Presentation
Cyber Insurance Presentation Presentation Outline Introduction General overview of Insurance About us Cyber loss statistics Cyber Insurance product coverage Loss examples Q & A About Us A- Rated reinsurance
More informationAppendix J Contractor s Insurance Requirements
Appendix J Contractor s Insurance Requirements Page 1 of 7 Appendix J Contractor s Insurance Requirements During the term of this Contract, the Contractor shall maintain in force, at its sole cost and
More informationProactive Risk Management Managing Risks Starts at the Top. Workshop Handbook
Proactive Risk Management Managing Risks Starts at the Top Workshop Handbook 1 Introduction What the heck is Risk Management? As used in this workshop, risk refers to possible loss or an other adverse
More informationMINNESOTA STATE COLLEGES AND UNIVERSITIES General Insurance Requirements for Contractors & Vendors
Certificate of Liability Insurance, Form ACORD25: Following are the insurance requirements of the State of Minnesota acting through its Board of Trustees of the Minnesota State Colleges and Universities,
More informationCYBER & PRIVACY LIABILITY INSURANCE GUIDE
CYBER & PRIVACY LIABILITY INSURANCE GUIDE 01110000 01110010 011010010111011001100001 01100 01110000 01110010 011010010111011001100001 0110 Author Gamelah Palagonia, Founder CIPM, CIPT, CIPP/US, CIPP/G,
More informationGALLAGHER CYBER LIABILITY PRACTICE. Cyber Risk Exposures and Solutions
GALLAGHER CYBER LIABILITY PRACTICE Cyber Risk Exposures and Solutions Cyber Risk Exposures and Solutions Arthur J. Gallagher & Co. s Cyber Liability Practice has the expertise and the desire to deliver
More informationInsurance for Libraries
Insurance for Libraries Christine Lind Hage, Director, Rochester Hills (MI) Public Library 2014 by United for Libraries: The Association of Library Trustees, Advocates, Friends and Foundations. This toolkit
More informationVendor Insurance Requirements Revised 5-12-15
Page 1 of 13 Vendor Insurance Requirements Revised 5-12-15 A Vendor shall be required to procure, at its sole cost and expense, all insurance required by Sections 2 and 3 of this Attachment 5 and, unless
More informationRisk Management. Policy
Policy Risk Management Endorsed: 26 February 2014 Brief description The GPC Risk Management Policy and its supporting standards and procedures provide a framework to ensure that risks arising from our
More information"P" INSURANCE CONDITIONS CONSULTING AND PROFESSIONAL SERVICES
"P" INSURANCE CONDITIONS P_insur_conditions.pdf Issued on May 7, 2013 I N D E X PART I GENERAL INSURANCE CONDITIONS (GIC)... 3 GIC 2 CONSULTANT... 3 GIC 3 INSURANCE PROCEEDS... 4 GIC 4 CONSULTANTS RESPONSIBILITY
More informationSOCIAL MEDIA MOBILE DEVICES CLOUD SERVICES INTERNET OF THINGS (IOT)
INFORMATION SECURITY AND CYBER LIABILITY RISK MANAGEMENT THE FIFTH ANNUAL SURVEY ON THE CURRENT STATE OF AND TRENDS IN INFORMATION SECURITY AND CYBER LIABILITY RISK MANAGEMENT Sponsored by October 2015
More informationInsurance Requirements for Contractors (Without Construction Risks)
Insurance Requirements for Contractors (Without Construction Risks) Contractor shall procure and maintain for the duration of the contract insurance against claims for injuries to persons or damages to
More informationCAMBRIDGE PROPERTY & CASUALTY SPECIAL REPORT
CAMBRIDGE PROPERTY & CASUALTY SPECIAL REPORT MANAGING THE RISK OF INDEPENDENT CONTRACTORS WORKING IN YOUR BUILDING This Special Report was written by Daniel P. Hale, J.D., CPCU, ARM, CRM, LIC, AIC, AIS,
More informationPREQUALIFICATION APPLICATION REQUIREMENTS
PREQUALIFICATION APPLICATION REQUIREMENTS To be eligible to bid and contract work with Webcor, subcontractors are required to be prequalified annually. If you have any questions, please contact Webcor
More informationInsurance for Startups:
Insurance for Startups: What do you need, and when? Disclaimer: The following information is being provided for educational purposes only. The information contained is not exhaustive, and is not meant
More information9/13/2011. Miscellaneous Current Topics in Healthcare Professional Liability. Antitrust Notice. Table of Contents. Cyber Liability.
Miscellaneous Current Topics in Healthcare Professional Liability Josh Zirin, FCAS, MAAA Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the
More informationCGI Cyber Risk Advisory and Management Services for Insurers
CGI Cyber Risk Advisory and Management Services for Insurers Minimizing Cyber Risks cgi.com 3 As organizations seek to create value in today s highly interconnected world, they inherently increase their
More informationCYBER SECURITY SPECIALREPORT
CYBER SECURITY SPECIALREPORT 32 The RMA Journal February 2015 Copyright 2015 by RMA INSURANCE IS AN IMPORTANT TOOL IN CYBER RISK MITIGATION Shutterstock, Inc. The time to prepare for a potential cyber
More informationManaging multinational insurance programs
Managing multinational insurance programs In a globalized economy linked by overnight delivery, advanced telecommunications and the Internet, even small companies increasingly do business with foreign
More informationGordon L. Mountjoy & Associates, Inc.
INSURANCE REQUIREMENTS CHECKLIST Submit an Acord 25 form and the endorsements as required below. Your insurance must be in compliance immediately after you sign your subcontract and before you start work.
More informationManaging Cyber Risk through Insurance
Managing Cyber Risk through Insurance Eric Lowenstein Aon Risk Solutions This presentation has been prepared for the Actuaries Institute 2015 ASTIN and AFIR/ERM Colloquium. The Institute Council wishes
More informationGlossary of Insurance Terms
PATRIOT INSURANCE AGENCY, INC. DBA: Arizona Patriot Insurance Agency, Inc. in CA, NC,ND P.O. Box 1298 Sonoita, AZ 85637-1298 Phone: 520 455-9252 Fax: 520 455-9358 Toll Free Number: 800 859-2724 Email:
More informationBest practices and insight to protect your firm today against tomorrow s cybersecurity breach
Best practices and insight to protect your firm today against tomorrow s cybersecurity breach July 8, 2015 Baker Tilly Virchow Krause, LLP Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently
More informationCURRENT SPECIAL PROVISIONS FOR LIABILITY INSURANCE
CURRENT SPECIAL PROVISIONS FOR LIABILITY INSURANCE NDOR Projects The special provision which begins on the following page ---- (A-55-0414) --- became effective beginning with projects let in the letting
More information(1) Commercial Crime Insurance or Employee Fidelity Bond
INSURANCE (A) GENERAL CONSIDERATIONS This document presents the minimum insurance requirements as set forth by the United States Trustee Program (USTP). A standing trustee must purchase property insurance
More informationIntroduction to Enterprise Risk Management at UVM DRAFT
Introduction to Enterprise Management at UVM 1 Enterprise What is Enterprise Management? Enterprise risk management is a structured, consistent, and continuous process across the whole organization for
More information